Business Segments

12 Months Ended

Dec. 31, 2013

Business Segments

Business Segments

[13] Business Segments

The Company’s chief operating decision maker is the Chairman and Chief Executive Officer who decides how to allocate resources and assess performance of the business segments. Generally, the Company evaluates performance of its operating segments on the basis of income from operations and cash flow.

As discussed in Note 4 — Goodwill and Other Intangible Assets, the Company completed a reorganization in 2011 which resulted in the formation of the Specialty Contractors reporting segment. The Specialty Contractors reporting segment consists of the following subsidiary companies: WDF, FSE, Nagelbush, Fisk, DMI (all previously included in the Building reporting segment), and Superior Gunite (previously included in the Civil reporting segment). The reorganization enabled the Company to focus on vertical integration through increased self-performed work capabilities while maintaining the specialty contractors business with third parties, and strengthened the Company’s position as a full-service contractor with greater control over scheduled delivery and risk management.

The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2013, 2012 and 2011. In accordance with the accounting guidance on segment reporting, the Company has restated comparative prior period information for the reorganized reportable segments in the tables below.

	Reportable Segments
							Specialty			Management									Consolidated
(in thousands)	Civil			Building			Contractors			Services			Totals			Corporate			Total
2013
Total Revenues	$	1,423,772		$	1,537,227		$	1,182,844		$	181,076		$	4,324,919		$	—		$	4,324,919
Elimination of intersegment revenues	(77,954		)	(67,008		)	(567		)	(3,718		)	(149,247		)	—			(149,247		)
Revenues from external customers	$	1,345,818		$	1,470,219		$	1,182,277		$	177,358		$	4,175,672		$	—		$	4,175,672
Income from construction operations	$	167,868		$	23,799		$	49,008		$	10,579		$	251,254		$	(47,432	)	$	203,822
Assets	$	1,295,713		$	610,431		$	727,303		$	187,864		$	2,821,311		$	576,127	(b)	$	3,397,438
Capital Expenditures	$	29,497		$	1,555		$	4,137		$	3,103		$	38,292		$	6,999		$	45,291
2012
Total Revenues	$	1,290,610		$	1,478,508		$	1,183,518		$	241,483		$	4,194,119		$	—		$	4,194,119
Elimination of intersegment revenues	(42,329		)	(10,598		)	(481		)	(29,240		)	(82,648		)	—			(82,648		)
Revenues from external customers	$	1,248,281		$	1,467,910		$	1,183,037		$	212,243		$	4,111,471		$	—		$	4,111,471
(Loss) Income from construction operations:
Before impairment charge	$	112,584		$	(4,098	)	$	79,080		$	12,291		$	199,857		$	(45,094	)(a)	$	154,763
Impairment charge	(65,503		)	(282,608		)	(11,489		)	(16,974		)	(376,574		)	—			(376,574		)
Total	$	47,081		$	(286,706	)	$	67,591		$	(4,683	)	$	(176,717	)	$	(45,094	)	$	(221,811	)
Assets	$	1,046,712		$	669,780		$	672,074		$	180,145		$	2,568,711		$	727,699	(b)	$	3,296,410
Capital Expenditures	$	27,037		$	1,682		$	10,201		$	1,791		$	40,711		$	2,691		$	43,402
2011
Total Revenues	$	896,896		$	1,952,030		$	802,535		$	275,975		$	3,927,436		$	—		$	3,927,436
Elimination of intersegment revenues	(11,651		)	(126,562		)	(75		)	(72,831		)	(211,119		)	—			(211,119		)
Revenues from external customers	$	885,245		$	1,825,468		$	802,460		$	203,144		$	3,716,317		$	—		$	3,716,317
Income from construction operations	$	78,546		$	46,262		$	65,582		$	22,322		$	212,712		$	(44,336	)(a)	$	168,376
Assets	$	1,102,471		$	1,125,632		$	597,986		$	182,583		$	3,008,672		$	604,455	(b)	$	3,613,127
Capital Expenditures	$	49,892		$	1,293		$	4,727		$	8,020		$	63,932		$	4,419		$	68,351

(a) Primarily consist of corporate general and administrative expenses.

(b) Principally consist of cash and cash equivalents, corporate transportation equipment, construction equipment, and other investments available for general corporate purposes.

Information concerning principal geographic areas is as follows:

	Year ended December 31,
	2013			2012			2011
	(in thousands)
Revenues
United States	$	4,000,380		$	3,925,733		$	3,508,349
Foreign and U.S. Territories	175,292			185,738			207,968
Total	$	4,175,672		$	4,111,471		$	3,716,317
Income (loss) from construction operations
United States	$	238,989		$	(195,457	)	$	184,268
Foreign and U.S. Territories	12,265			18,740			28,444
Corporate	(47,432		)	(45,094		)	(44,336		)
Total	$	203,822		$	(221,811	)	$	168,376

	At December 31,
	2013		2012		2011
	(in thousands)
Assets
United States	$	3,182,706	$	3,107,808	$	3,460,470
Foreign and U.S. Territories	214,732		188,602		152,657
Total	$	3,397,438	$	3,296,410	$	3,613,127

Income from construction operations has been allocated geographically based on the location of the job site.